I love it. The Fed put shots across Trumps bow... so this is fired back. Lets hope the Trump and these Senators who care about Americans can get the FED to work on behalf of Americans and not the cronies for the first time in a few decades. http://thehill.com/policy/finance/312662-audit-the-fed-bill-gets-new-push Controversial legislation to subject the Federal Reserve’s monetary policy powers to outside scrutiny is getting new life in Washington. Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress. But such a proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, may face its best odds ever of becoming law. Both chambers are controlled by Republicans long critical of the Fed’s policies, and President-elect Donald Trump has heaped scorn on the central bank since the beginning of his presidential campaign. Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House. “The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress,” said Paul. Under the bill, the Fed’s monetary policy deliberations could be subject to outside review by the Government Accountability Office. Proponents of the measure argue that the Fed is too powerful and lacks sufficient oversight for its interest rate decisions. But Fed officials from Yellen on down, as well as other critics, have warned that such a policy could subject the Fed to undue political pressure and discourage it from taking unpopular steps for the good of the overall economy. The proposal has garnered some bipartisan support and has passed the House several times in past Congresses. But the measure has typically stalled in the Senate. Senate Democrats refused to bring up the bill for consideration when they controlled the chamber, and senators rejected the bill in 2016 after it was brought up by the new GOP majority. Two non-Republican senators — Bernie Sanders (I-Vt.) and Tammy Baldwin(D-Wis.) — voted for the measure then. Only one Republican, Sen. Bob Corker (Tenn.), opposed it. But the situation is different in 2017, as lawmakers who assumed President Obama would veto any “Audit the Fed” legislation in the past now are anticipating a White House with a vocal Fed critic at the helm. Trump singled out the Fed frequently for criticism during the presidential campaign, arguing during presidential debates that the institution was deliberately keeping interest rates low for Obama’s political benefit. Fed officials are fiercely protective of their reputation as pursuing policies free of political motivation, and Yellen has shot down any notion of partisan intent in its policymaking. But lawmakers hoping to overhaul how the Fed does business see an opening in 2017. “It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies,” said Massie. http://thehill.com/policy/finance/312662-audit-the-fed-bill-gets-new-push
If the Fed ever gets audited (no shot), the market would round trip back to March 2009 lows...and then some
Should I file this with all the " Trump will never be president" compilations? I'm not sue if I want to know the logic behind this pretended knowledge.
I don't like it when guesses are framed as knowledge. Got tired of that during the pres. race and wish the pretenders would stop pretending...OR FIND A WAGERING VENUE, PUT YOUR MONEY DOWN, AND THEN TELL US HOW MUCH OF YOUR OPERATING CAPITAL YOU HAVE RIDING ON YOUR GUESS!
I just spoke with a retired person this morning. An honest investment advisor told home no one really knows whats going to happen over the next 5 to 10 years so you just have to hedge your investments. I said yeah... when my dad died 5 years ago and she became in charge of the money I had to tell my mom the same thing. (she did not want much risk.) So... what we all know is that the FED actions control the future. If they jack rates on Trump one thing happens. If they do nothing and let inflation roll on with almost zirp another thing happens. But... we really should be saying... Trump will be good for business, lower taxes will be good for the economy... lets figure out if the market is over valued - if not we should be looking to equities in industries which might come back. This FED controlled economy sucks for market loving people. I would not want it it to crash now... but we should have let it wash out back then. Instead of bailing the banks out we could have bailed the people out for a lot less.
The stock market is my wagering venue, and if the Fed audit bill ever gets passed (not likely) I will be shorting
How much operating capital will you put at risk? Dont need to know dollars. Just need the percentage of your total bank roll, how much willing to lose before you pull the plug on the guess. Maybe I'm over-reacting. I'm acting as if you had called for a closed door meeting with Congress and were making threats if they opened the books on your bank. I'ld like to see them try that again and see what Trump does. I've already made hard cash betting on Trump. I just wanted to know how much you're willing to bet against him.